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  • ED: Mallya's assets can now be attached

    July 30, 2016

    It seems as though Mr. Vijay Mallya has forgotten where India is. With another date gone by and still no signs of him appearing before Indian courts, the hopes are dying down. But finally, the ED has released a statement stating that it will initiate fresh attachment of Mallya’s assets.

    Beleaguered liquor baron Vijay Mallya is now a proclaimed offender, after he failed to appear before a special Prevention of Money Laundering Act (PMLA) court. He was to appear before the court by Friday . ED counsel Hiten Venegaonkar said the investigating agency can attach Mallya's propeties irrespective of whether they are part of the offences.

    The ED had identified properties worth Rs 6,500 crore that directly or indirectly belonged to Mallya. The investigating agency is probing a money laundering case against Mallya, who is accused of diverting a part of a Rs 900crore loan from IDBI bank.On the IDBI complaint, the CBI had registered a fraud case against Mallya and others after which the ED booked them under the PMLA.

    Mallya had defaulted on around Rs 9,400 crore loan payment to consortium of 17 banks led by SBI. But they had not filed any complaint and had approached the Supreme Court to recover the money .

    The Delhi high court refused on Friday to quash summons issued by a trial court against liquor baron Vijay Mallya, accused in several cases of “bounced“ cheques filed by Delhi International Airport Ltd. Mallya also faces loan default and money laundering charges, and has ignored orders to return to India. He flew to London in March as bankers pressed him to repay over Rs 9,000 crore owed by his defunct airline. Justice P S Teji said the cheques in question were issued by Kingfisher Airlines, and he as its CMD was responsible for its conduct. Mallya's counsel had argued he was not involved in the carrier's day-to-day affairs, and couldn't be held liable. 
     

    OUR TAKE

    The disappearance of Mallya came as a shock but the fact that he is not returning is hardly anything to wonder about. What did the authorities think before lending the tax payer’s hard earned money to the liquor baron? Now the cribbing and crying will not bear any dividends. The properties identified by the ED, belonging to Mallya should be taken away. Grab the lest that you could get out of those greedy hands. Period.


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